“A quarter remains a quarter,” said Peter Casanova, an analyst at Kepler Cheuvreux in Zurich, with a hold recommendation on the shares. “Credit Suisse is not yet out of its ‘mid-life crisis’ - it has to conclude its transition phase.”

Since taking over a year ago, Thiam, 53, has struggled to stem a slide in shares that eroded about 56% of the company’s market value. Like his counterpart at Deutsche Bank, John Cryan, Thiam is trying to overhaul the bank at a time when rising capital requirements, slumping client activity and record-low interest rates are eating into profitability. Credit Suisse posted a full-year loss in 2015.

Ian Bolland

A journalism graduate of Liverpool John Moores University. During his time at university, Ian spent time on work experience at local newspapers in Liverpool, Bolton and Wigan, and prior to that he did work for The Observer's 'fans verdict'. Ian also has interests in news, current affairs and business but mostly sport, including football, rugby league, cricket, golf and Formula 1, amongst others.